Audits

The tax audit is one of most dreaded occurrences for any individual of wealth. While the IRS occasionally conducts audits at random, most audits are focused on people in higher income brackets. More aggressive tax audits of the wealthy In fact, it appears that...

The past year has proven devastating for small multiple business owners. Trying to keep your doors open despite pandemic-related challenges probably stretched your finances – and your patience – to the limit. Unfortunately, the IRS might reward your strategic efforts...

Filing a tax return often feels like a gigantic relief. Once you’re through scrounging for the proper documents to support your reported income and, perhaps more importantly, deductions, you get a break from thinking about the IRS. Until you get audited, and then...

IRS audits can be scary. But if you don't know how the agency conducts them, it's hard to know if they're legitimate. As the IRS issued its "Dirty Dozen" tax scams of 2020, it's in your best interest to make sure you're not falling victim to criminal acts.The IRS has...

You had expected to hear from the IRS. The notice came in the mail yesterday. You and your business will undergo a painstaking tax audit. With the confirmation, there is some relief, but more worries, deadlines and conversations await you.A sensitive IRS audit with a...

Many people dread filing their taxes. Even if taxpayers fill everything out they’re supposed to, the IRS may still dispute their submission, resulting in an audit. Depending on the circumstances, this may require taxpayers to go head-to-head with the agency. Audits...

The state of California is notoriously Scroogelike when it comes to taxes. The Franchise Tax Board (FTB) is more than willing to audit individuals, and hit them with a Notice of Proposed Assessment (NPA) claiming the individual owes far more in taxes than they had...

Chances are that you look forward to your tax refund every spring. Maybe you use that money to use as a down payment on a new car or take your family on a vacation. You may even anticipate your employer to issue your W-2 to take to your accountant to get the process...

The Internal Revenue Service (IRS) conducts audits to ensure that your reported tax amount is correct. But just because you face an audit does not necessarily mean there was a problem with your tax return. Many audits are conducted at random by a statistical formula...

The percentage of tax payers who get audited by the IRS is low and seems to be getting lower by the day. But as many good tax attorneys and financial advisors often tell clients, there’s good news and bad news. The lower audit rate is no exception.Take a moment...